GST rollout, launch in India LIVE Updates: In a historic moment, Goods and Service Tax (GST) has been announced implemented at Parliament's Central Hall.

GST rollout, launch in India LIVE Updates: In a historic moment, Goods and Service Tax (GST) has been announced implemented at Parliament’s Central Hall.

GST rollout, launch in India LIVE Updates: In a historic moment, Goods and Service Tax (GST) was implemented at Parliament’s Central Hall on the intervening night of 30th June and 1st July. The launch event, being hailed as India’s second tryst with destiny after Independence on August 15, 1947, saw speeches from Finance Minister Arun Jaitley, Prime Minister Narendra Modi, and President Pranab Mukherjee. PM Narendra Modi, in the historic Parliament address, termed GST as good and simple tax for the nation. The Prime Minister said that scope of GST is unlimited to the financial system, adding, that India will now move in a new direction. President Mukherjee, who took the dais after Prime Minister Narendra Modi, said that tax implementation will be transparent under GST. He termed the tax as a tribute to the “maturity and wisdom” of India’s democracy. “GST will create a strong incentive for buyers to deal with honest and compliant sellers who pay their dues promptly,” President Mukherjee said in Central hall of Parliament. “The new era in taxation is the result of a broad consensus arrived at between Centre and States,” President Mukherjee added.

10.20 pm: “There will be some glitches and ups and downs….as long as the system and network is responsive to that (it is fine),” says Reserve Bank Deputy Governor Viral Acharya.

10.15 pm: Earlier, amid fear of price rise for multiple commodities, the RBI had said in the monetary policy review earlier this month that “implementation of the GST is not expected to have a material impact on overall inflation”.

10.10 pm: President Pranab Mukherjee will address the Parliament at 11.45 pm.

09.45 pm: Bank of Maharashtra CEO and MD Ravindra P Marathe said with GST will result in increased cost of almost all services offered to customers. The nation will witness the official rollout of GST in a live telecast tonight from the Parliament’s Central Hall.

09.40 pm: The rollout is to be graced by President Pranab Mukherjee and Prime Minister Modi. Prime Minister Modi’s Cabinet colleagues including Finance Minister Arun Jaitley and others as well as eminent dignitaries from the industry and acclaimed fields will also be present.

9.35 pm: Currently, there are 80 lakh individuals and entities paying various central and state taxes, Sinha said here. To a query on the Opposition deciding not to attend the GST launch function at midnight, Sinha, who had earlier served as the Minister of State for Finance, said the GST is not a political issue but a tax reform that would bring in revolution.

9.30 pm: “I think it is a revolutionary reform and the government needs to be lauded for its courage to go forward with such a big reform. Any such reform will have its share of teething problems and so will this one,” Singh told reporters at an event.

9.25 pm: Currently, there are 80 lakh individuals and entities paying various central and state taxes, Sinha said here. To a query on the Opposition deciding not to attend the GST launch function at midnight, Sinha, who had earlier served as the Minister of State for Finance, said the GST is not a political issue but a tax reform that would bring in revolution.

9.20 pm: “I think it is a revolutionary reform and the government needs to be lauded for its courage to go forward with such a big reform. Any such reform will have its share of teething problems and so will this one,” Singh told reporters at an event.

9.15 pm: In a U-turn, the ministry later said it was prepared for the GST roll-out from the stipulated date.

9.10 pm: Aviation sect to face teething probls due to GST, says SpiceJet CMD: The aviation sector is likely to face “teething problems” for four to six months due to the
implementation of the Goods and Services Tax (GST), SpiceJet CMD Ajay Singh said.

9.05 pm: The aviation ministry had earlier sought postponement of the GST implementation by two months on the ground that airlines needed more time to revamp their systems to comply with the new tax regime.

9.00 pm: Besides, life and non-life premiums would see an increase from 15 per cent to 18 per cent. Canara HSBC Oriental Bank of Commerce Life Insurance Company Chief Financial Officer Gaurav Seth said the premium amount on a term insurance policy will be 18 per cent from 15 per cent currently.

8.50 pm: “Dear policyholder, revision of service tax on account of GST will come to effect from July 1, 2017,” said a Life Insurance Corporation of India (LIC) message. Punjab National Bank (PNB) informed its customers that “with effect from July 1, 2017, the existing service tax of 15 per cent levied on all the banking services will be replaced by a GST of 18 per cent.”

8.45 pm: PTI reports that consumers will have to shell out more for banking services, insurance premium payments and credit card bills with the GST rollout from tomorrow. Under the Goods and Services Tax, effective midnight tonight, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now. Banks and insurance companies have been already sending messages and mails to their customers about the new tax rates which would be charged.

8.40 pm: I think India will grow faster, better, economy will be benefited, all the states will be benefited: Devendra Fadnavis, Maharashtra CM

8.35 pm: Consensus in council was to bring the rate down to 5% so that fertilizer price if at all comes down, it doesn’t go up: FM Arun Jaitley

8.30 pm: Ficci expects the rollout of GST will bring about significant gains to the country’s economy and advantages for the stakeholders, while easing the burden of taxpayers in understanding and complying with various tax laws.

8.25 pm: PHD Chamber of Commerce and Industry President Gopal Jiwarajka congratulated Prime Minister Narendra Modi, Finance Minister Arun Jaitley and other members of the Union Cabinet saying their ‘unflinching and consistent efforts’ led to evolving a consensus for the launch of the new tax regime.

8.20 pm: Assocham President Sandeep Jajodia said India would move many notches up the global ease of doing ladder by this single, but the most important tax reform in the country. “Finally, a big bang reform is here, rolling out and creating a history,” Jajodia said.

8.15 pm: “Tax revenues of the government would go up with expanded tax net, and fiscal deficit would remain under control. Further, exports would emerge as more competitive in global markets, while FDI is likely to be encouraged,” CII Director General Chandrajit Banerjee said.

8.10 pm: Sinha also said that tax collection has gone up post demonetisation while the cash to GDP ratio has come down to around 10 per cent from 12 per cent earlier. He was responding to a question on how much money has come into the system after demonetisation.

8.05 pm: The nationwide Goods and Services Tax (GST) will overhaul India’s convoluted indirect taxation system and unify the over USD 2 trillion economy with 1.3 billion people into a single market.

8.10 pm: “The medium-term impact of GST on macroeconomic indicators is expected to be extremely positive. Inflation will be reduced as cascading of taxes will be eliminated.

8.00 pm: The industry bodies said they were “fully prepared” for the implementation of the new indirect tax regime, which comes into effect from midnight, while commending the government’s efforts towards its rollout.

7.55 pm: India Inc hailed the forthcoming rollout of the GST, and said the sweeping tax reform will give huge momentum to the country’s economy and tempt global businesses to invest here.

7.45 pm: Mr. Tulsi Tanti, Chairman & Managing Director, Suzlon Group: “Suzlon welcomes the single biggest tax reform, the Goods and Services Tax (GST) by the Government post-independence. This makes India one amongst the progressive economies which have adopted a unified tax structure. It demonstrates the strength of the Government to bring all states and various parties together to implement this historic initiative. I strongly believe GST will stimulate our economy, will help in increasing GDP growth, will enable ease of doing business and would provide a boost to Indian manufacturing. From a purely tax perspective, capital cost for a new project in the RE sector will not see any major change. Therefore, as far as GST is concerned, it would not have any significant impact on the outlook of wind energy market. We thank Shri Narendra Modiji, Hon Prime Minister of India for this historic initiative and in the cooperative manner it has been implemented.”

7.40 pm: Speaking at the conclave on the GST organised by a television channel, Sinha said the tax reform would make things easier. Around one crore traders, businessmen and others are expected to come under the GST ambit.

7.35 pm: The Minister of State for Civil Aviation said that multiple rates were needed under the GST in efforts to ensure price stability and revenue neutrality. The GST, a unified regime for indirect taxes, is to be rolled out at midnight tonight. There are four tax slabs under the GST — 5, 12, 18 and 28 per cent.

7.30 pm: As many as one crore traders and businessmen are expected to come under the ambit of the Goods and Services Tax (GST), a tax reform that will also help in economic integration, Union Minister Jayant Sinha said today.

7.25 pm: The Goa government will abolish its much criticised entry tax on the state borders as a fallout of the introduction of Goods and Service Tax (GST) from midnight tonight.

7.20 pm: “The GST was passed by everyone and they (BJP) are celebrating it. Let them celebrate,” Lalu said on GST.

7.15 pm: Talking to reporters about GST, Lalu said, “The GST is anti- small traders. There are many anomalies in the new tax regime and that is why protests are being reported from many parts of India.”

7.10 pm: “We feel a midnight special session is not necessary as this system hurts states and concentrates revenue resources in the hands of the Centre,” says CPI general secretary S Sudhakar Reddy.

7.00 pm: The GST is being rolled out without taking into consideration the views of certain sections that the slab system in it is “unscientific”, says CPI general secretary S Sudhakar Reddy.

6:50 pm: Mamata Banerjee: Arrest clause in GST may be used to target business leaders who raise a voice of dissent on policy matters

6:40 pm: Ashishkumar Chauhan, MD & CEO of the Bombay Stock Exchange has said that GST is a part of a large numbers of steps being undertaken by the Government of India to transform and improve India’s soft Infrastructure.

6:30 pm: Amitabh Kant today said implementation of GST will make India a formal, easier and simpler, and a more revenue generating economy.

6:20 pm: Sumit Sabharwal, Managing Director (India & SAARC), Excelity Global said that the GST will have a positive impact on job creation. Sabharwal says the new tax regime will create one lakh immediate new employment opportunities, including those in specialized areas like taxation, accounting and data analysis.

6 pm: The government is likely to reduce the GST rate on fertilisers from 12 per cent to ensure that their prices do not rise and farmers’ interests are protected.5:50 pm: Commerce Minister Nirmala Sitharaman says the Central GST Act provides for an anti-profiteering section

5:39 pm: Nationalist Congress Party a strong and old ally of the Congress party will be attending the GST rollout event.

5:29 pm: Commerce Minister Nirmala Sitharaman, while speaking about the GST has said, there is nothing to fear if the benefits of reduced tax are passed on to the consumers

5:19 pm: Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments says one nation one tax is likely to be taken positively on Dalal Street on account of more clear taxation

5:10 pm: Rajeev Dimri, Leader, Indirect Tax, BMR & Associates LLP says over 80 percent of India’s existing taxpayers having successfully migrated to GST, it may be overly critical to say that the country is not ready.

5 pm: Shares erased early losses and ended higher on Friday as some consumer goods firms expected to benefit from the launch of a unified GST gained.

4:50 pm: Congress spokesperson Anand Sharma says don’t give GST launch this amount of importance, don’t treat it like the second independence day. This is an insult.

4:05 pm: CRISIL report says that the organised jewellery retails will get a boost under the GST regime

3:50 pm: Rajeev Dimri, Leader, Indirect Tax, BMR & Associates LLP says with the joint effort of the trade, legislature and bureaucracy, even the GST law will evolve with time in a direction which would hopefully bring the country closer to a perfect GST

3:40 pm: Former EAS, S Das, has said that if India wants to be competitive internationally then India needs a modern tax structure like the GST.

3:35 pm: Delhi Deputy CM Sisodia, who also holds the finance portfolio, described the GST as a “great idea”, but slammed the Centre over the way it was being implemented.

3:30 pm: Deputy Chief Minister Manish Sisodia said today that the Goods and Services Tax (GST) might end up in a huge mess if concerns over the new tax regime were not resolved in time.

3:25 pm: India deserves a GST rollout that does not put crores of its ordinary citizens, small businesses and traders through tremendous pain and anxiety, says Rahul Gandhi.

3:20 pm: But like demonetisation, GST is being executed by an incompetent and insensitive government without planning foresight and institutional readiness, says Rahul Gandhi.

3:15 pm: Unlike demonetisation, GST is a reform that Congress has championed and backed from the beginning, says Rahul Gandhi.

3:10 pm: GST holds great potential but is being rushed through in a half-baked way with a self-promotional spectacle, says Rahul Gandhi.

3:00 pm: National Pharmaceuticals Pricing Authority of India has said that the prices of approximately 78 percent of actively traded and used medicines won’t be affected by the GST.

Take a look at Rahul Gandhi’s tweet

India deserves a #GST rollout that does not put crores of its ordinary citizens, small businesses & traders through tremendous pain &anxiety

2:50 pm: Rajeev Dimri, Leader, Indirect Tax, BMR & Associates LLP says the Goods and Services Tax (GST) is about to transform the way in which India Inc. does business and the way entire globe deals with India Inc.

2:45 pm: Naresh Agrawal of the Samajwadi Party says that his party is still opposed to the BJP, but will attend the event as the president will be there

2:40 pm: Union Minister Prakash Javadekar says that he hopes wisdom will prevail and all parties will attend the event later tonight.

2:35 pm: The GST in various slabs will be implemented throughout the country abolishing the old tax structures. According to Ravindra Modi, president of the Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry, there are several slabs under GST and that it should be called one commodity-one tax, and not one nation-one tax.

2:20 pm: Trade and industry bodies want the government to be lenient for at least one year on filing of returns as many more businesses come under the GST regime for the first time from midnight today. The Centre is all set to roll out the Goods and Services Tax (GST) at an event planned in the Central Hall of Parliament.

2:15 pm: Terming GST rollout as historic, Chhattisgarh CM Raman Singh said that pan-India tax structure will end corruption and only those who want to weaken economy are opposing it.

2:05 pm: The GST, being billed as the biggest tax reform since Independence, will subsume all indirect state and central levies, making India a single market.

1:55 pm: Should we be sitting & clapping when we know in our hearts that country is not ready for it?: WB Finance Minister Amit Mitra on GST rollout.

1:50 pm: Several parties, including the Congress and the Left parties, have decided to boycott the event.

1:45 pm: Finance Minister Arun Jaitley has asked opposition parties to reconsider their decision to skip the GST launch, saying they were all consulted on the indirect tax reform and could not run away from it.

1:40 pm: The broader NSE index was down 0.12 percent at 9,492.35 as of 0702 GMT, on track to post its third week of losses. The index was down 1.4 percent for the month, snapping a five-month winning streak.

1:35 pm: Auto makers were among the top losers on worries that GST would push up prices of cars and lead to a decline in sales. The Nifty Auto index lost as much as 0.9 percent, with Tata Motors Ltd falling as much as 1.6 percent.

1:30 pm: The benchmark BSE index was 0.14 percent lower at 30,815.72. The index was down 1.03 percent for the week and 1.04 percent for the month.

1:25 pm: Share market edged lower on Friday as caution ahead of the launch of a unified goods and services tax (GST) hit auto makers, with benchmark indexes heading for their first monthly loss this year.

1:20 pm: Business traders protesting against implementation of GST called for a bandh in Madhya Pradesh on Friday. All the major markets in would be shut for the day.

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12:45 PM: “The Goods & Services Tax is a transformational structural reform which will have multiple benefits – the creation of a national market; enhanced ease of doing business; greater productivity & efficiency; and improved tax compliance. All stakeholders are working together for a seamless transition to this new paradigm. This reform will result in benefits for all participants in the Indian economy, including both businesses & consumers,” says Mrs Chanda Kochar MD & CEO, ICICI Bank.

12:32 PM: Samajwadi Party is still unsure about attending the event. “Whether we attend the midnight GST launch or not will be known later in the day,” said senior SP leader Naresh Agarwal.

12:17 PM: NCP leader Praful Patel took to Twitter and asked why there is so much fuss over the launch function when all the state governments passed GST.

12:01 PM: Kamal Nandi, Business Head and EVP, Godrej Appliances has welcomed GST. “We welcome GST as a reform for the industry. Home appliances have become a necessity now with evolving consumer lifestyle and a lower tax slab would have made appliances more affordable in a low penetrated market. With 28% GST, we expect the consumer price (market operating price- MOP) of home appliances to marginally go up by 1-2% post implementation of GST,” he said ahead of the rollout.

11:55 AM: Union Minister Venkaiah Naidu today appealed to Congress and other political parties to reconsider their stand on GST. He added that it is not a party event.

11:22 AM: Meanwhile, Bihar CM Nitish Kumar has confirmed that he won’t be attending the GST rollout event either. However, state minister Vijendra Yadav will go on behalf of JDU.

11:05 AM: Protests are being staged in Uttar Pradesh and Madhya Pradesh against GST. All major markets in MP’s capital Bhopal will remain shut for the day.

10:45 AM: Railway Minister Suresh Prabhu has set up a group to study the impact of GST on Railways. “Inevitably all sectors will be affected (with the GST rollout). Not to say that the Railways will be immune from this. We are studying the impact. In any case it is the law of the land so we will adopt it. We have already set up a group to look into the implications of GST on all our operations,” he said ahead of the rollout.

10:30 AM: Traders in Uttar Pradesh will on strike today to protest against GST. “Option of filing GST return must be quarterly. No trader should be prosecuted in case of any error in documentation and only pecuniary fine should be imposed. Also, GST should be fixed at 15 per cent only,” said the state president of UPUVM, Subhash Chabda.

10:15 AM: Congress has decided to boycott the event saying that it will bring hardships for small businesses. Left and TMC too are boycotting the event.